What's Going On With ChargePoint (CHPT) Shares

ChargePoint Holdings Inc CHPT shares are trading lower by 5.07% to $8.43 Tuesday morning, despite a lack of company-specific news. The stock may be trading lower in sympathy with the broader market as investor's continue to weigh last Wednesday's Fed decision. The Fed paused rate hikes but indicated it sees two more 25-bps hikes this year.

Also, Federal Reserve Chair Jerome Powell is slated to provide testimony before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday, representing his initial congressional appearance since March.

These highly anticipated hearings will afford lawmakers the chance to directly inquire about the Federal Reserve's recent actions and policy determinations...Read More

What Else?

The pause in rate hikes can potentially lead to a more favorable borrowing environment for companies like ChargePoint Holdings. Lower interest rates can reduce the cost of borrowing, making it easier for the company to access capital for expansion, research and development or other investment initiatives.

Additionally, ChargePoint shares last week experienced volatility after the company reportedly revealed its intention to introduce a NACS connector options for its chargers.

According to data from Benzinga Pro, CHPT has a 52-week high of $19.92 and a 52-week low of $7.82.